Women And Money: How Can The Two Be Better Friends?

Can women be friends with finances? That's a very tricky question because to be friends, you must understand your finances first. Even for most earning women, the relationship that they share with money doesn't go beyond earning and spending it. When it comes to planning their finances, women usually back out. The task intimidates them. However, times have changed, and if the current uncertainty has taught us anything, then it is this: we all need to be able to fend for ourselves individually because you never know what challenge life may throw at you.

SheThePeople.TV asked women how we can be friends with our finances. Here's what they had to say:

Women manage the household but when it comes to investments, they feel that men of the house should take the lead, let's change that.

A lot of women manage their households expertly, but when it comes to investments, they feel that the men in the house should take the lead. What is the reason for this lack of confidence among women? According to Smriti Chhabra, who runs the Gurgaon Community Circle, "This is the general practice with women." She believes that women should take an active part in decision making related to investments. "We are bringing in money for our household. We are contributing to everyday expenses. So why not be actively involved in the decision making when it comes to the bigger financial aspects of investments and savings?" said she.

Read Also: Women Discuss The Importance Of Taking Charge & Chance With Money

Bhavna Kapoor, a financial analyst who is very passionate to help women become financially independent, said that she was very happy that we women are taking steps forward and acknowledging the unsung heroes which we women always are. Women are equally responsible and should take the first step in managing the finances," she said, adding that women should take the first step and later take responsibility for others.

According to Indu Bala, a mother of three and a science teacher, "Just earning money is not enough. Women should keep a proper record of their spendings and savings." She also said that women need to realize the importance of investment and savings to take lead."If this happens women and money will become better friends," said she.

But building your money is a much more complex process than merely saving it up. One needs a certain foresight when it comes to planning financial growth. So how can women plan their investments for best results? As per Bhavna women should read about the basics and the fundamentals that every investment tool has to offer. "This will help you become financially literate."

Women need to take baby steps while learning to invest - Bhavna

According to her the process of learning can continue even if our careers are at a pause due to maternity. "During the childbirth period, you should never stop networking." Networking helps in keeping you updated. Also, you will not feel out of touch, once you are back to work. Bhavna also said that women should invest in their skills and upgrade them during breaks from work. "Develop strategies to bridge up the gap when on breaks," said she, adding that women need to save around 20 percent of their income every year.

Women are equally responsible and should take the first step in managing finances.

Smriti, on the other hand, suggested that women need to plan their yearly expenses out. "Savings should not be invested in one place. It should be spread across the assets," according to her. Agreeing with what Smriti had to say, Bhavna further added, "One should invest their money as per their need and requirement.

But why such a fuss over financial independence you may ask. Women are earning their own money now, isn't that enough? Does it matter who makes investments? "It is important that while we are stepping out of our boundaries, we also need to take charge of our finances," said Smriti, adding, "While we are taking up professions, it's also important that we take charge of our finances. We need to be aware of each and every penny- what is coming in and what is going out."

Read Also: Eight Ways Women Can Normalise The Conversation On Money

As Khushboo, a college student, revealed, "At times, I was like where did all my savings go. But this changed as I started keeping a track of all my spending." It was Khushboo's mother who advised her to do so. "My mother says this approach helps her manage household savings properly," she revealed. It takes a change in mindset for all family members to contribute to change.

According to Delhi-based Deepanshi, most of the women just give their earnings to their partners and this is not right.  "Men should not take their money, instead ask them to manage their own. This will change a lot of things within a house," she said.

Article in partnership with AMFI. Mutual Fund investments are subject to market risk. Read all scheme related documents carefully.